AgdaPkt 2016-01-11 Closed and Joint SA PFA

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6.1.E. - Page 19 sale was required. The City's sale of this property was consistent with its goals of providing housing proximate to transit and other amenities (it is adjacent to the Redwood City Caltrain station, bus routes along El Camino Real, and the Sequoia Station shopping center) as envisioned in the General Plan and the Downtown Precise Plan. Additionally, the City's share of the proceeds provide additional funds for reinvestment into other housing projects. In July 2015, the City approved a Disposition and Development Agreement with Hamilton & Winslow Properties, LLC, a public-private partnership between the City and the developers of the 815 Hamilton Street mixed-use office and retail project, for the development of a larger underground parking structure that would connect the approved Hamilton Garage with the existing City-owned Jefferson Garage located beneath the Cinemark Redwood City Downtown theater complex at 825 Middlefield Road. The connection would create a second means of egress/ingress for the Jefferson Garage and provide for an additional 88 parking stalls that would be made available nights and weekends for public use. Several other community benefits were also included in the proposal, in exchange for a parking-in-lieu fee credit. Outside the Downtown area, the Inner Harbor Specific Plan Task Force completed its work in May 2014. The City Council accepted the report and directed staff to proceed with preparation of a Specific Plan and Environmental Impact Report (EIR). The Inner Harbor Plan vision includes a mixture of residential, commercial and recreational uses. The Draft Specific Plan, Draft EIR and alternatives were released for public review in October 2015. Additional public workshops and public meetings will be scheduled in the early 2016. The City Council approved the Stanford in Redwood City Precise Plan and Development Agreement in September 2013. These approvals set the stage for the transformation of the 1960s era Ampex corporate campus into a modern office development focused on Stanford's non-academic office needs. The development at build-out will move the 35-acre property from one containing 500,000 square feet of buildings to one with 1.5 million square feet of Class A office space. On November 17, 2014, Stanford provided $1,525,000 as the first of its contributions to the community in support of the City's educational and multi-generational programs. Stanford has also provided four public speaker programs for the community and its first entrepreneur bootcamp program was held in the fall of 2014 and the second boot camp is currently underway. Stanford's overall commitment to the City is $15 million in community benefits. Finally, the City Council took action on several affordable housing related items in 2015. These housing items included Council direction to issue a Request for Proposals to develop affordable housing on a City-owned parcel, adopting an affordable housing impact fee, and reserving 15% of the DTPP housing allotment for affordable units. The creation of affordable units will allow lower-income service workers, who have been most impacted by the regional housing shortage,to continue to work and live in Redwood City. Long-Term Financial Planning Maintaining a sustainable budget and prudently planning for the City's current and long-term needs is a top priority for Redwood City. In response to the economic downtown that started in late 2007, the City adopted a comprehensive plan to balance the budget in the following years through a mix of labor cost concessions, organizational efficiencies, service reductions and new revenue opportunities. Although the economic condition has improved, the City continues to focus strategically on appropriate funding strategies for annual operations, a robust capital improvement program and future liabilities. Each year, the City prepares a five-year forecast to project revenue and expenditure trends. These forecasts are an integral part of the annual budget process as the City seeks to establish and implement its priorities in a fiscally sustainable manner. The City reviews major cost drivers to anticipate and control expenses to the full extent possible and makes fiscal decisions within the framework of the forecast. The City also monitors its revenue sources to identify and plan for trends. A summary of major revenue sources and other significant financial planning items is below. iv